Virtex overtaking gox?

[_mr_e]

This seems to be happening more and more on the weekends? Virtex used to always have the lowest prices, sometimes much lower then even bitstamp. What could be causing this? Is this at ATM?

[elasticband]

there is a difference between CAD $ & USA $, so my guess is viturex are lower

[theecoinomist]

1 USD = 1.05 Canadian money

So 467 USD is equal to 488.7 canadian money

[favelle75]

Yeah, seeing as I trade exclusively on CaVirtex, I have noticed this a lot lately. And its only been since the ATM was installed.  Not saying that it is, but its sure weird. (and welcomed)

[JimboToronto]

Virtex used to always have the lowest prices, sometimes much lower then even bitstamp.

During last spring's "bubble" Virtex was usually higher than Gox. At the time it popped Gox was 266 and Virtex was 290.

Canadians had a remarkable purchase opportunity a couple of months ago when the Virtex CAD price was 75% of the Gox USD price.

Now it's getting back to normal.

[Peter R]

Yeah, seeing as I trade exclusively on CaVirtex, I have noticed this a lot lately. And its only been since the ATM was installed.  Not saying that it is, but its sure weird. (and welcomed)

I agree the ATM introduction in Vancouver was correlated with Virtex moving from a cheaper-than-average exchange to where it is now.  The weird thing is that the ATM buys in real-time from BitStamp (not Virtex).  So if the ATM was the cause of this phenomenon, then it was through a second-order effect (e.g., more news about the ATM in Canada than other parts of the world and then Canadians made accounts at Virtex).

The other thing about Virtex, is that the liquidity is much shallower than on Gox or BitStamp.  Right now, dumping 200 coins would push the price from $478 to $420.  Alternatively, during rallies, Virtex can easily over shoot since there are so few coins for sale. 

[_mr_e]

Yeah, seeing as I trade exclusively on CaVirtex, I have noticed this a lot lately. And its only been since the ATM was installed.  Not saying that it is, but its sure weird. (and welcomed)

I agree the ATM introduction in Vancouver was correlated with Virtex moving from a cheaper-than-average exchange to where it is now.  The weird thing is that the ATM buys in real-time from BitStamp (not Virtex).  So if the ATM was the cause of this phenomenon, then it was through a second-order effect (e.g., more news about the ATM in Canada than other parts of the world and then Canadians made accounts at Virtex).

The other thing about Virtex, is that the liquidity is much shallower than on Gox or BitStamp.  Right now, dumping 200 coins would push the price from $478 to $420.  Alternatively, during rallies, Virtex can easily over shoot since there are so few coins for sale.  

I've seen a ton of conflicting reports on whether the ATM is using Bitstamp or Virtex. I'm inclined to believe it is using both...

[Peter R]

Yeah, seeing as I trade exclusively on CaVirtex, I have noticed this a lot lately. And its only been since the ATM was installed.  Not saying that it is, but its sure weird. (and welcomed)

I agree the ATM introduction in Vancouver was correlated with Virtex moving from a cheaper-than-average exchange to where it is now.  The weird thing is that the ATM buys in real-time from BitStamp (not Virtex).  So if the ATM was the cause of this phenomenon, then it was through a second-order effect (e.g., more news about the ATM in Canada than other parts of the world and then Canadians made accounts at Virtex).

The other thing about Virtex, is that the liquidity is much shallower than on Gox or BitStamp.  Right now, dumping 200 coins would push the price from $478 to $420.  Alternatively, during rallies, Virtex can easily over shoot since there are so few coins for sale.  

I've seen a ton of conflicting reports on whether the ATM is using Bitstamp or Virtex. I'm inclined to believe it is using both...

No, it is definitely using BitStamp.  I met one of the owners (Mitchell Demeter) at the ATM in person and heard it straight from the horse's mouth.  There are several other threads that clarify this fact too (but I agree the media did get it wrong in some articles, thus the confusion).  

[byronbb]

Vancouver seems to be a bitcoin hot-bed, ATM, bitcoiniacs brokerage etc, so by proxy Canadian market is very aware of bitcoin and could just be overly bullish. Early on the Canadian market lagged because the only bitcoiners there were miners using cheap electricity and were net sellers.

[smoothie]

Means very little with the amount of volume they trade.

[Equus]

As far as I can tell MtGox CAD has been about 5% above MtGox USD and CaVirtex has been about 5% below ever since the bubble popped.  It hasn't changed yet.

These prices seem pretty natural to me considering the MtGox premium and the currency exchange rate.  


I tend to see CaVirtex prices as a balance between miners and buyers.  I do all my buying through Virtex because I can add money as an online bill payment for a flat $5 fee.  I also like dealing with a company that is subject to my domestic laws.  

Most of the time Virtex is depressed because there are so many Canadian miners selling on it.  During the last bubble, it was more expensive than Gox because so many Canadians were buying through it.  I notice that they are currently backlogged on verifications because of recent rally.  It wouldn't surprise me if Virtex did close the gap soon with MtGoxCAD, especially if Gox figures out withdrawals and Virtex fixes their verification challenges.


Edit:  Just looked again and you are right, CaVirtex is definitely moving up against both MtGoxUSD and MtGoxCAD.  I think the MtGox withdrawal premium and the CAD exchange rate are balancing out right now, making VirtexCAD and MtGoxUSD coincident.

[Davyd05]

As far as I can tell MtGox CAD has been about 5% above MtGox USD and CaVirtex has been about 5% below ever since the bubble popped.  It hasn't changed yet.

These prices seem pretty natural to me considering the MtGox premium and the currency exchange rate.  


I tend to see CaVirtex prices as a balance between miners and buyers.  I do all my buying through Virtex because I can add money as an online bill payment for a flat $5 fee.  I also like dealing with a company that is subject to my domestic laws.  

Most of the time Virtex is depressed because there are so many Canadian miners selling on it.  During the last bubble, it was more expensive than Gox because so many Canadians were buying through it.  I notice that they are currently backlogged on verifications because of recent rally.  It wouldn't surprise me if Virtex did close the gap soon with MtGoxCAD, especially if Gox figures out withdrawals and Virtex fixes their verification challenges.


Edit:  Just looked again and you are right, CaVirtex is definitely moving up against both MtGoxUSD and MtGoxCAD.  I think the MtGox withdrawal premium and the CAD exchange rate are balancing out right now, making VirtexCAD and MtGoxUSD coincident.

+1

[BitcoinAddicts]

Mt Gox is dieing, most people already know that they have problems...

[_mr_e]

Yeah, seeing as I trade exclusively on CaVirtex, I have noticed this a lot lately. And its only been since the ATM was installed.  Not saying that it is, but its sure weird. (and welcomed)

I agree the ATM introduction in Vancouver was correlated with Virtex moving from a cheaper-than-average exchange to where it is now.  The weird thing is that the ATM buys in real-time from BitStamp (not Virtex).  So if the ATM was the cause of this phenomenon, then it was through a second-order effect (e.g., more news about the ATM in Canada than other parts of the world and then Canadians made accounts at Virtex).

The other thing about Virtex, is that the liquidity is much shallower than on Gox or BitStamp.  Right now, dumping 200 coins would push the price from $478 to $420.  Alternatively, during rallies, Virtex can easily over shoot since there are so few coins for sale.  

I've seen a ton of conflicting reports on whether the ATM is using Bitstamp or Virtex. I'm inclined to believe it is using both...

No, it is definitely using BitStamp.  I met one of the owners (Mitchell Demeter) at the ATM in person and heard it straight from the horse's mouth.  There are several other threads that clarify this fact too (but I agree the media did get it wrong in some articles, thus the confusion).  

I've heard otherwise direct from people very close to Virtex so I really don't know what to say about this...